America’s Cup has just extended their deadline for teams to build their 72-foot catamarans needed to complete the finals from June 1 to August 1 in hopes of attracting more sailing teams to San Francisco in 2013.

Not only does the extension of the deadline mean teams will have more time to construct their “AC72” boats, it also means they have two extra months to pay the $200,000 entry fee. Participating in this race is extremely costly, with some teams spending up to $10 million in research, development, materials and construction of their catamarans.

The finals in San Francisco currently have only four teams signed up so far, approximately seven teams fewer than expected.

According to Stephen Barclay, America’s Cup Event Authority chief operating officer, Team Korea has been hinting that they may join the finals and said, “They made some public announcements that are really encouraging. Let’s hope that they get across the line.”

The World Series will head to San Francisco in late August and the finals will begin in late-summer next year.